Binance: Biggest Cryptocurrency Exchange Braces for Competition in Its Dubai Hub - Bloomberg
Binance Holdings Ltd. expects some of its top competitors to set up headquarters in its unofficial home jurisdiction of Dubai, drawn by the sun-splashed emirate’s crypto-friendly policies.
Changpeng ‘CZ’ Zhao, the firm’s co-founder and chief executive officer, said in an interview that at least five other exchanges are applying for licenses in Dubai, following recent approvals for Binance and the Bahamian exchange FTX.
“Binance has the magnet effect in the industry,” said Zhao, declining to name the other firms. “Wherever we go, the industry players do tend to follow.”
Binance, the world’s largest crypto exchange by trading volume, plans to establish regional headquarters in Europe, Latin America, Africa and Southeast Asia, according to Zhao. He said Dubai, where the company is currently hosting Binance Blockchain Week, is by “any common interpretation” the firm’s HQ.
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